Things I Hate #1

True, and this is the same problem with some of the lower tier grading services. Many people, myself included, will talk of great coins in holders like PCI and SEGS. However, they will never gain respect in the marketplace if they are unwilling to guarantee their grade, let alone their authentication. This lack of a guarantee kills the values of these holders in a sight-unseen market.

 

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My, my.....aren't we confident. ....lol.

 

they now slab the packaging in some cases i believe

 

OOOOOOOOOh, so THAT'S what slabs have done for coin collecting. They have created a sight-unseen market.

I don't know what it is that bothers me about people buying coins sight unseen, but it does. I think that the most important component of a coin is it's eye appeal. I collect certain series of coins because I think they are beautiful. Can't have eye appeal sight unseen, but once again, these are merely MY opinions.

 

Mike,
For me it would be about protecting my investment (were I to spend that kind of money...NOT), as I already know what I have is authentic. As for slabbing current coins...maybe to verify a certain error, like a 1942/1 merc dime.

 

Protecting how? Do you mean literally, as in a sealed case? Or figuratively, as in a second opinion?

As for the sealed cases... I can buy one for less. I agree that coins need to be properly handled, but they CAN be handled nonetheless.

 

Oh, I agree with you. I like coins because I enjoy looking at them and studying them. But, many "investors" spend six and seven figure amounts sight unseen and much of the generic wholesale market for dealers is sight unseen.

Kind of scary, isn't it.

 

Yeah.. usually is when you look at the business end of a hobby.

 

So, I get to keep the coin AND get full market value? I have a few contemporary forgeries I'd like to try out... :whistle:

When we have a gigantic numismatic library backing us, we are. :smile

Ahh, but you see, with ancient coins the few people who do offer authentication are the most trusted - Sear, or the British Museum for example.

 

The best way to imagine this whole debate is to think back to a time before slabs and certification existed in US coin collecting, which is probably only really possible for a few. Sure, crooked dealers ripped people off on grades, but as a result, grades weren't of the same ridiculous (MS68vsMS69) importance they are now. People collect ancient coins because they are COINS. That's why so many of us like to touch our coins.

Although, my analogy isn't perfect. A crook can sell a common Constantine bronze to the unknowing for 50 dollars. He can sell a slabbed common Constantine bronze for 90. :-D

 

No, they keep the coin and you get fair market value for the piece. They buy the coin back from you.

That doesn't matter if Sear isn't willing to back up his authentication with a guarantee. Some of the most respected names in American numismatics actually work at services like PCI and SEGS.......but you have to put your money where your mouth is.

 

That's the big problem with buying ancients, here locally. I go to a show, and find some dealer who is just selling ancients as an aside, but selling a barely recognizable Constantius II for $40.00, when I got a real nice one for $8.00 from a trusted source. People who are not experienced with ancient coin see 22 May 337 - 3 Nov 361 A.D., and think "WOW this must be worth a bunch of money, cause it's so old".

Sometimes I think some of the dealers don't know what they're worth and just hang a number on it.

 

Very well said, GD. If only for 1001th time.

 

knowledge is power